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2019年08月21日 17:09:53
来源:四川新闻网
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井冈山市妇幼保健人民医院整形吉安保仕柏丽整形美容医院去黑头怎么样You cannot keep all of the people happy all of the time. China’s latest restructuring of a state-owned enterprise is likely to make only a small number of people very happy – and upset a great deal more.你不可能总是令所有人满意。中国一家国有企业的最新改制很可能只会让一小部分人极为满意,却让大部分人沮丧。Over the weekend, state-owned China Petrochemical Corp (Sinopec Group) announced two deals which will hurt shareholders who own its Hong Kong subsidiary, Sinopec. First, Sinopec will sell a 30 per cent stake in its fuel retailing business. Chinese white goods maker Haier, finance companies and domestic investment funds are paying .5bn for assets Bernstein thinks could be worth bn.上周末,国有的中国石油化工集团公司(Sinopec Group)宣布了两笔交易,这两笔交易将对其香港子公司中国石化(Sinopec)的股东造成伤害。第一笔交易中,中石化将出售其销售公司近30%的股权。中国的白色家电制造商海尔(Haier)、金融公司及国内投资基金以175亿美元购入这些股权,而伯恩斯坦(Bernstein)认为这些股权可能价值220亿美元。The second deal will save the group from a writedown on its 40 per cent stake in affiliate Yizheng Chemical. Under mainland rules, lossmaking Yizheng faced delisting next year, resulting in a writedown for Sinopec of as much as .7bn. To save Yizheng from delisting, the Sinopec Group parent will inject its profitable oil services group into Yizheng in return for just under bn in new shares of Yizheng. The price Yizheng will pay for this new business, at 10 times 2014 earnings, looks cheap – especially for a company expecting to increase earnings by nearly one half next year.第二笔交易将让集团免于减记旗下子公司仪征化纤(Yizheng Chemical) 40%的股权。根据内地规定,亏损企业仪征化纤面临着明年退市,导致中石化资产减记多达17亿美元。为保仪征化纤免于退市,母公司中石化将把旗下利润丰厚的石油务公司注入仪征化纤,换取近40亿美元的仪征化纤新股票。仪征化纤为这一新业务付出的金额是其2014年盈利的10倍,看起来很便宜,尤其是所购入公司预计明年盈利会增加近一半。Good news – but the Hong Kong shareholders will not have exposure to the new Yizheng. Their company is selling its 40 per cent stake in Yizheng back to Yizheng for just over bn in cash (an 80 per cent premium to the previous close) – and buying Yizheng’s old, lossmaking assets for just over bn. The transaction is only a marginal cash outlay for Sinopec but leaves it with poor assets in a fibre business and no exposure to the newly revitalised oil services company. Investors in Hong Kong quickly had their say on the fairness of the deal. Sinopec’s shares fell 8 per cent.这是一个好消息,但中国石化的香港股东将不会受益于仪征化纤的新股票。中石化将以略高于10亿美元(相对于此前收盘价格有80%溢价)让仪征化纤回购中石化所持的40%股份,并以10亿美元多一点买下仪征原有的亏损资产。这笔交易在中石化只是一小笔出,但给其留下一家化纤企业的不良资产,而且对新近重振的石油务公司没有敞口。香港投资者很快就对这笔交易的公平性表了态——中国石化股价下跌了8%。China is committed to allowing market forces to play a bigger role in economic development. Deals of this sort seem to be driven by market forces with Chinese characteristics.中国致力于让市场力量在经济发展中发挥更大作用。这类交易似乎受到中国特色市场力量的推动。 /201409/328661吉安开眼角吉安音波拉皮专家

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